International NFT Day: Indians cheer for blockchain-based ‘non-duplicable’ digital collectibles

International NFT Day: Indians Cheer for Blockchain-Based ‘Non-Duplicable’ Digital Collectibles

International NFT Day is celebrated on September 20, a celebration that started five years ago. In 2017, the term ‘Non-Fungible Tokens (NFTs)’ was officially coined by Dat Shirley, Chief Technology Officer of DapperLabs. NFTs, which last year created a market size worth $25 billion (approx. Rs. 1,99,272. Crore), are blockchain-based tokens that represent a unique digital collectible or asset and are supported on various blockchains. Ethereum, Solana and Polygon are popular blockchains of choice among NFT makers.

What makes NFTs unique is their feature of being non-duplicated. They are unique cryptographic tokens that exist on the blockchain and cannot be replicated by other users.

The NFT market will be worth $231 billion (approx. Rs. 18,41,300 crore) by 2030 and believes it is too big a business to ignore, Tarusha Mittal, COO and Co-Founder, Uniform, in a conversation with Gadgets 360. UniFarm is a multi-token reward program.

“NFTs cannot be duplicated making them perfect collectibles and their rarity adds monetary value to each NFT. These digital archives serve as important connecting links between the physical world and the metaverse. NFTs offer a unique way to tokenize real-world assets and sell them to a global audience in a completely virtual world managed by secure governance tokens,” said Mittal.

In India, NFTs are yet to find their recognition and formal place in the finance and technology sectors. Currently, NFTs are currently classified as ‘virtual digital assets’.

Buying and selling of NFTs is not expressly prohibited in India. Last year, Bollywood stars Amitabh Bachchan, and Salman Khan became the first mainstream celebrities to launch their own NFT collections in the country.

Meanwhile, Indian fast bowler Arshdeep Singh on Tuesday partnered with cricket-focused NFT platform Rario to launch his own series of NFTs. In the past, other players such as Dinesh Karthik and Yuvraj Singh have also given fans access to their digital archives.

In an effort to strengthen the NFT category in India, crypto exchange BuyUcoin announced a strategic partnership with cricket NFT platform to allow users to sell, buy and mint NFTs using the BuyUcoin NFT platform. This will include unique digital cricket collectibles such as signed cricket bats.

NFT players globally celebrated International NFT Day with unique ideas this year.

The OpenSea NFT Marketplace, for example, has highlighted some historic NFT projects on their home page.

NFTs have become popular with brands looking to engage with younger consumers.

A total of $260 million (roughly Rs 2,100 crore) has been collectively earned by high-end luxury brands including Nike, Gucci, Dolce and Gabbana with the sale of their NFTs, said a report by NFTgators back in August.

NFTs also make for an important component of the blockchain gaming industry, an area where Indian entrepreneurs are finding their footing.

“In an increasingly digital world, they can allow companies, brands and artists to preserve the authenticity of valuable works of art. It is capable of replacing physical paper documents in every sector, ensuring better security,” Edul Patel, CEO and co-founder of Mudrex crypto investment platform told Gadgets 360.

India is considered an NFT-friendly country by brands experimenting with digital collectibles. Brands in the food and real-estate sectors are turning to the world of virtual assets to create a personal connection with Indian consumers.

In July, Mondelez International, the parent of the Cadbury confectionery company, turned the children’s creations into an NFT series.

At the time, Cadbury confectionery company parent Mondelez International told Gadgets 360 that India has a hunger for immersive experiences.

Just last week, Indian real estate giant Hiranandani Group auctioned five NFTs for a total of Rs. 75,000. While this is a tribute to the engineers and designers who contributed to the projects undertaken by the NFT brand, the funds collected were donated to help underprivileged engineering students in Bengaluru.

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